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Average Waiting Time
calculates the average duration customers or items wait before being serviced, often used in queue management to assess performance.
Monte Carlo Simulation
A computational technique used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables.
Standard Distribution
Often refers to a probability distribution that is used to represent the dispersion of a set of data around its mean, typically assumed to be a normal distribution.
Monte Carlo Simulation
A computational algorithm that uses repeated random sampling to obtain numerical results, often used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables.
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